Competition probe of pillar banks ruled out

The Competition and Consumer Protection Commission has ruled out an investigation into the level of competition in the banking system.

“I believe a further study would not be useful at the present time as it would not resolve the issues inherent in the sector,” said Isolde Goggin, chairwoman of the Competition and Consumer Protection Commission in a letter to Fianna Fáil TD and finance spokesman Michael McGrath.

“Furthermore, I believe the commission’s resources would be more appropriately utilised in other areas where our work could achieve meaningful change.